I think there will be some water in the project, but it won’t create anything like the sense of openness or “frontier” the area used to feature. Look at Grizzly Peaks - there’s water, even some very pretty spots, but the overall effect is one of narrowness, of closed and confined spaces.
It should also be noted that Disney World is removing or reducing water features at a frantic pace - the rivers in the MK hub, the EPCOT fountain, the Pirates fountains, the centerpiece of the Polynesian, etc. there is a definite pattern here.